{"text":[[{"start":10.95,"text":"The US economy added 115,000 jobs in April, exceeding Wall Street’s expectations and showing how the labour market is growing at a steady rate despite the fallout from Donald Trump’s war in Iran. "}],[{"start":23.299999999999997,"text":"Friday’s figure from the Bureau of Labor Statistics was down from the upwardly revised 185,000 posts added in March, but comfortably ahead of the 65,000 expected by economists in a Bloomberg poll. "}],[{"start":37.599999999999994,"text":"The unemployment rate held steady at 4.3 per cent after falling slightly the previous month. "}],[{"start":43.99999999999999,"text":"The report comes as the world’s largest economy is being buffeted by the war, which has sent petrol and diesel prices surging and increased costs for large swaths of corporate America. However, the data showed the energy shock is yet to feed into the labour market. "}],[{"start":59.349999999999994,"text":"“No signs of a downturn just yet,” said Thomas Simons, chief US economist at Jefferies, adding that the labour market continued to display “iron-clad resilience”."}],[{"start":70.25,"text":"American employment data has fluctuated in recent months, swinging between big gains and losses that have made it difficult for analysts to gauge the overall health of the economy."}],[{"start":null,"text":"
"}],[{"start":79.7,"text":"Underlining the oscillation, February’s already weak employment number was revised lower to a job loss of 156,000. "}],[{"start":88.45,"text":"Friday’s figures mark the second consecutive month that the report has exceeded Wall Street’s expectations. Monthly job gains have averaged 76,000 in the year to date, up from a negligible 10,000 in 2025."}],[{"start":101.5,"text":"But offsetting the positivity over the jobs gains, a report on Friday from the University of Michigan showed consumer sentiment fell to a fresh record low in May amid mounting fears over the inflationary fallout triggered by the war. "}],[{"start":116.5,"text":"US Treasuries gained in price following April’s jobs report, pushing the yield on the two-year note down 0.02 percentage points to 3.9 per cent. Wall Street’s S&P 500 share index gained 0.8 per cent to close at a record high."}],[{"start":133.35,"text":"The BLS reported employment increases in healthcare, retail, transportation and warehousing, while job numbers in the federal government continued to slide and the tech sector fell. "}],[{"start":144.35,"text":"“Following a period of weakness, companies are once again creating more jobs,” said Bernd Weidensteiner, senior economist at Commerzbank. “The US economy is expected to weather the global energy crisis relatively well.”"}],[{"start":157,"text":"The report comes amid increasing division at the Federal Reserve about how to respond to the energy shock triggered by the Iran war as policymakers debate its potential impact on the economy. "}],[{"start":167.85,"text":"Some officials fear higher inflation could be combined with rising unemployment, creating a stagflationary environment as consumers cut spending, prompting lay-offs by employers."}],[{"start":179.04999999999998,"text":"“If businesses see the demand for their products isn’t as strong, that could mean that they’re going to pull back on hiring,” said Beth Hammack, president of the Cleveland Federal Reserve, in an NPR interview on Thursday. "}],[{"start":191.04999999999998,"text":"“Right now, it looks to me like everybody who wants a job, largely, can find a job. But if you see that demand side coming under pressure, then that could be in jeopardy on [the employment] side of our mandate. And so, to me, right now, there’s a lot of uncertainty.”"}],[{"start":205.35,"text":"But Thomas Ryan, North America economist at Capital Economics, said the April job gains and “muted” unemployment rate “add to the reasons for the Fed to remain on hold for now”. "}],[{"start":217.4,"text":"The Fed has kept its benchmark federal funds rate in a 3.5-3.75 per cent range for three meetings in a row, but last month saw four dissents, marking the biggest split since 1992. "}],[{"start":240.85,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1778279790_5723.mp3"}